EXCLUSIVE (Bywire News) - Block.one and Helios have announced a 500,000 EOS payment to the Eden on EOS community. The donation is intended to support the technical development and community growth of the governance blockchain system, which was conceived by EOS creator and former Block.one CTO, Daniel Larimer.
The payment comes at an interesting time, as the EOS Network Foundation (ENF) announced plans to sue Block.one for £4 billion in February. Block.one is also facing class action suits from EOS investors after a Federal Court rejected a £27.5 million settlement in August.
B1 (formerly Block.one) had became the subject of the largest Initial Coin Offering (ICO) in 2017-2018, raising a record-breaking £4.1 billion for the EOS coin. However, the United States Securities and Exchange Commission (SEC) charged the company with not registering its ICO, and Block.one settled for £24 million.
Eden on EOS was originally touted by Larimer and the ENF’s CEO, Yves La Rose, as a way to improve the problematic DPOS governance issues that plague the EOS Network, including vote buying and anti-competitive practices from block producers (node validators). The DAO makes use of the EdenOS blockchain governance operating system and employs an Up-Vote system based on Larimer's book, "More Equal Animals". The system maximises the voice of each member, prevents the forming of political factions, and focuses on ensuring incumbents and insiders are unable to capture power.
According to Chris Barnes, a Guardian at Helios, the venture capital incubator founded by Brock Pierce, the Eden up-vote process can be adopted by any blockchain community to help increase engagement and develop the accountable leadership required for long-term sustainable success. Could Eden on EOS be the next DAO sensation?
It remains to be seen whether the substantial donation provided from B1 and Helios will be put to efficient use and if the Eden DAO will take on a formal governance role within the EOS Network. With no coherent roadmap or clear direction in place, the donation is seen as a major boost to the project, with its success surely linked to how efficiently Eden on EOS can, first reach consensus on its purpose, and second, make best use of its now bountiful treasury.
(Writing by Natalia Siler, editing by Michael O'Sullivan)